SPURIOUS CORRELLATION AND IT'S DETECTION
Some practitioners or "fitologists" would consider
adding a term to the model to deal with the "apparent"
curvature. To do so cures the cold but kills the patient.
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Thanks to computers, Bill Gates and other software
developers we can now buy programs that search for the "best
model" .
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The best model is found to be a Weibull named after a
Swedish mathematician and has been found useful in
reliability models.
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It is interesting , at least to this writer that the
policy implications implied by further price increases (X)
are that demand is inelastic or unaffected.
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These efforts are all in vain as they attempt to
"torture the data until the true model confesses" .
Detecting the presence of the three
regimes leads to a simple straightforward answer which
becomes visually obvious once it is pointed out !
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